Vat audit and tax audit
This query is : Resolved
01 September 2016
what are the limits for vat audit and tax audit for businessmen.
what is the difference between vat audit and tax audit.
plz can anyone clarify . its urgent
01 September 2016
Dear user,
Tax audit occurs when a business turnover exceed 1 crore and is done for income tax purposes.
When vatable goods turnover exceed 1 crore then vat audit come into picture and it's for state vat.
Hope your query is resolved
Kindly like if my response has helped you
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02 September 2016
now limit is increased from 1 crore to 2 crore for tax audit . so vat audit limit?
02 September 2016
from 1/6/2016 onwards they have increased limit form 1 cr to 2 cr for tax audit .
what about vat audit ? for vat audit limit also same 2 cr or what? confused
03 September 2016
Dear, the limit varies from state to state, so please elaborate for which state u r asking. And regarding the enhancement in limit it has been done from the current year.
03 September 2016
Dear User,
we have given our answer in contest of AY 2016-17.
For vat kindly share your state we will assist you in total
03 September 2016
I am talking about Maharashtra State . Thanks a lot for helping me.
06 September 2016
As per me the limit is 100 lakhs (1 crore). U can also wait for other experts reply
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